What are good sources for finding niche markets for products & services?

QUESTION:

What are some good websites, magazines and other sources for finding niche markets for products and services?

ANSWSER¨:

Naomi Kokubo

by Naomi Kokubo

Here are 8 ideas you can try…

1. Look for underserved sectors where a technological breakthrough can transform the business.
2. Industry trade magazines and journals are a good starting place.
3. Industry trade shows are also an excellent way to tap into niche markets.  There´s a trade show for practically everything.
4. Join your local business networks, Chamber of Commerce, Rotary Club, etc.  Meet as many business people as you can and see if you can identify a niche market that no one has adquately filled.
5. Walk around your home and look at all the products you buy and use.  Is there room for innovation around any of these?
6. List out all your friends and next to each name write down their profession.   Call each of them up and find out what challenges they are facing.
7. Go to the college you graduated from and get back in touch with the faculty.  Professors who are working on developing new  technologies often are open to business partners who can help productize their research.  This is fertile ground for intellectual property that you can use to target niche markets.
8. Google trends is always fun to check out http://www.google.com/trends for a quick glimpse at what´s hot.
9. High school kids know all the latest trends and are a great resource.
10. Begin networking online, using sites like LinkedIn, and see what problems professionals are facing.   If you can solve one of their key problems, this can be your niche.

I hope this helps get you started!